Day: January 14, 2023

Alameda Research had a $65B secret line of credit with FTX: Report

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Former FTX CEO Sam Bankman-Fried (SBF) reportedly ordered Gary Wang, co-founder of the crypto exchange, to open a $65 billion “secret backdoor line of credit” for Alameda Research, according to FTX attorney Andrew Dietderich.  The attorney disclosed the information during a Delaware bankruptcy court hearing on Jan. 11, the New York Post reported. The alleged line of credit was financed with FTX customers’ funds. As per Dietderich testimony, the “backdoor was a secret way for Alameda to borrow from customers on the exchange without permission.” “Mr. Wang created this backdoor…

How to connect the Avalanche network to MetaMask?

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One of the main properties advanced in blockchain technology is interoperability, the art of different blockchains communicating with one another. Interoperability is crucial when it comes to exchanging data and assets such as nonfungible tokens (NFTs) or cryptocurrencies while enjoying the best of two or more platforms to save on fees, for example, or transact faster. The Avalanche blockchain is an interoperable, versatile platform and cryptocurrency network that addresses scalability, security and decentralization issues with a unique proof-of-stake (PoS) governance type. It was developed by Ava Labs, a New York-based…

Treasury Secretary Yellen Urges Swift Action to Increase Spending Limit, Avert Default on US Obligations – Economics Bitcoin News

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Janet Yellen, the U.S. secretary of the Treasury, sent a letter to Congress on Friday urging lawmakers to increase the spending limit. Yellen stressed that the country would reach its statutory debt limit on Jan. 19, 2023. She warned that “failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability.” Yellen Warns of Approaching Debt Limit, Urges Congress to Act Swiftly On Friday, Jan. 13, 2023, the United States Treasury published a press release featuring a letter…

Osprey Vies for Control of Grayscale’s Bitcoin Trust; Tron’s Justin Sun Offers to Invest Up to $1B on DCG Assets – Bitcoin News

Following charges by the U.S. Securities and Exchange Commission against the crypto exchange Gemini and the digital currency lender Genesis, Tron founder Justin Sun told the press that he may be able to purchase assets from Genesis, up to $1 billion, “depending on their evaluation of the situation.” Additionally, the crypto investment manager Osprey has published an open letter to Barry Silbert of Digital Currency Group in an attempt to take over the management of Grayscale’s Bitcoin Trust (GBTC). Osprey Proposes Management Changes to Grayscale’s Bitcoin Trust in Open Letter…

New York sued by environmental group after approval of crypto mining facility: Report

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The New York Public Service Commission (PSC) was sued by environmental activists on Jan. 13 for approving the takeover of a cryptocurrency mining facility in the state. According to The Guardian, the state Public Service Commission (PSC) is responsible for regulating public utilities, and authorized in September 2022 the conversion of the Fortistar North power plant into a crypto mining site. The facility is located in Tonawanda, a city less than ten miles from Niagara Falls, and was set to be taken over by the Canadian crypto mining firm Digihost.…

SHIB Hits 6-Week High, Whilst SOL Extends Recent Gains – Market Updates Bitcoin News

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Solana surged by as much as 30% on Saturday, setting a fresh multi-month high in the process. The move comes as cryptocurrency markets were significantly bullish to start the weekend, with the global market cap 8.28% higher as of writing. Shiba inu was trading at its strongest point since November. Solana (SOL) Solana (SOL) was easily one of the biggest movers to start the weekend, with prices skyrocketing by as much as 30%. Following a low of $16.52 yesterday, SOL/USD surged to an intraday high of $22.37 earlier today. As…